USD/JPY Open 87.74 High 88.17 Low 87.52 Close 87.70
On Friday Dollar/Yen recorded insignificant decrease, not matching the positive Interbank sentiment at around +8%. The currency couple depreciated from 88.17 to 87.52 on Friday, closing the week at 87.70. Today the pair is inclining upwards, but without strong impulse so far. On the 1 hour chart the downward channel is intact, while on the 3 hour chart the bigger downward channel is also in good shape. Break above Friday’s top and nearest resistance 88.17 would support further recovery of the Dollar. Immediate support is Friday’s bottom at 87.52, and consistent break bellow it could strengthen the Yen further down towards next target 86.40. There are no major economic events for Japan today. Quotes are moving just in line with the 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is positive and declining, MACD is neutral and quiet, while CCI has just crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 88.17 89.55 90.71
Technical support levels: 87.52 86.40 85.26
Trading range: 88.00 – 87.35
Trend: Downward
Sell at 87.86 SL 88.16 TP 87.46
Written by iFOREX.bg
